420 AXXALS \i:\\ yOh'K AVADJJMY of iiClBSVBki 



Chapter XI 

 GENERAL PROVISIONS 



1. Debts. No debts shall be incurred on behalf of the Academy, unless 

 authorized by the Council. 



2. Bills. All bills submitted to the Council must be certified as to 

 correctness by the officers incurring them. 



3. Investments. All the permanent funds of the Academy shall be 

 invested in United States or in New York State securities or in first 

 mortgages on real estate, provided they shall not exceed sixty-five per 

 cent, of the value of the property, or in first-mortgage bonds of corpora- 

 tions which have paid dividends continuously on their common stock for 

 a period of not less than five years. All income from patron's fees, life- 

 membership fees and donor's fees shall be added to the permanent fund. 



4. Expulsion, etc. Any Member or Fellow may be censured, sus- 

 pended or expelled for violation of the Constitution or By-Laws, or for 

 any offence deemed sufficient, by a vote of three-fourths of the Members 

 and three-fourths of the Fellows present at any business meeting, provided 

 such action shall have been recommended by the Council at a previous 

 business meeting, and also, that one month's notice of such recommenda- 

 tion and of the offence charged shall have been given the Member accused. 



5. Changes in By-Laius. No alteration shall be made in these By- 

 Laws unless it shall have been submitted publicly in writing at a business 

 meeting, shall have been entered on the IMinutes with the names of the 

 Members or Fellows proposing it, and shall be adopted by two-thirds of 

 the Members and Fellows present and voting at a subsequent business 

 meeting. 



